James K. Galbraith dropped this big bomb on the Deficit Commission

But who heard it go off?

He did it late last June. That testimony needs to be sent far and wide, now that the Commission has come out with its preposterous meat-axe agenda.

MCM

There Is No Economic Justification for Deficit Reduction
by James K. Galbraith

Statement to the Commission on Deficit Reduction
by James K. Galbraith, Lloyd M. Bentsen, jr. Chair in Government/Business Relations, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin, and Vice President, Americans for Democratic Action, June 30, 2010

Mr. Chairmen, members of the commission, thank you for inviting this statement.

I am a professional economist, but I have served in a political role, as Executive Director of the Joint Economic Committee of the United States Congress. I am offering this statement on behalf of Americans for Democratic Action, an organization co-founded in 1949 by (among others) Eleanor Roosevelt, John Kenneth Galbraith, Arthur M. Schlesinger, jr., and Ronald Reagan. Accordingly I would like to begin with a political comment.

1. Clouds over the Work of the Commission.

Your proceedings are clouded by illegitimacy. In this respect, there are four major issues.

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